NEWS RELEASE Investor Contact: Ben McCarville, Vice President, Director of Investor Relations 920-491-7059 Media Contact: Jennifer Kaminski, Vice President, Public Relations Senior Manager 920-491-7576

Associated Banc-Corp Reports Fourth Quarter 2021 Earnings of $0.49 Per Common Share and $2.18 Per Common Share for the Full Year 2021.

GREEN BAY, Wis. -- January 20, 2022 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $74 million, or $0.49 per common share, for the quarter ended December 31, 2021. These amounts compare to earnings of $62 million, or $0.40 per common share for the quarter ended December 31, 2020 and earnings of $85 million, or $0.56 per common share for the quarter ended September 30, 2021. For the year ended December 31, 2021, the Company reported earnings of $334 million, or $2.18 per common share. These amounts compare to earnings of $288 million, or $1.86 per common share, for the year ended December 31, 2020.

“This quarter was marked by a resurgence in lending growth as commercial outstandings, line utilization, and our new initiatives all kicked into gear,” said President and CEO Andy Harmening. “We were pleased to grow in most of our key loan and deposit verticals and took advantage of the positive economic backdrop to largely exit our remaining Oil & Gas exposure at minimal cost. We see 2022 as primed for a rebound in general commercial lending,” he continued. "Alongside the balance sheet growth, we also enjoyed growing revenues, expanding margins, and further positive credit trends."

2021 SUMMARY (all comparisons to 2020)

•Full-year average loans of $24.1 billion were down 2%, or $480 million

•Full-year average deposits of $27.7 billion were up 6%, or $1.7 billion

•Net interest income of $726 million decreased 5%, or $37 million

◦Average cost of total interest-bearing deposits decreased 26 basis points to 0.09%

•Provision for credit losses was negative $88 million, compared to a provision of $174 million

•Noninterest income of $332 million decreased 35%, or $182 million

◦Fee-based revenues1 increased 8%, or $15 million

•Noninterest expense of $710 million decreased 9%, or $66 million

•Net income available to common equity was up $45 million, to $334 million

•Earnings per common share increased $0.32, to $2.18

•Tangible book value per share was $17.87, up 7% from $16.67

1This is a non-GAAP financial measure. Please refer to page 10 of the attached tables for a reconciliation of fee-based revenues to noninterest income.

The Company also announced today that Executive Vice President, CFO Christopher Del Moral-Niles will retire from Associated later this year. To ensure a seamless transition, Mr. Del Moral-Niles will continue in his role until a successor is in place. The Company has retained Diversified Search Group to assist in the search for a successor. Additional details can be found in the press release available at http://investor.associatedbank.com.

Loans

Fourth quarter 2021 period-end total loans of $24.2 billion were up approximately 3%, or $603 million from the prior quarter and were down 1%, or $227 million from the same period last year. Excluding PPP, period-end total loans of $24.2 billion were up over 3%, or $719 million from the prior quarter and were up 2%, or $475 million from the same period last year. With respect to fourth quarter 2021 period-end balances by loan category:

•Commercial and business lending (excluding PPP) increased $551 million from the prior quarter and increased $755 million from the same period last year to $9.4 billion.

•Commercial real estate lending increased $62 million from the prior quarter and increased $11 million from the same period last year to $6.2 billion.

•Consumer lending was $8.6 billion, up $107 million from the prior quarter and down $291 million from the same period last year.

•PPP loans decreased $116 million from the prior quarter and decreased $702 million from the same period last year to $66 million.

Fourth quarter 2021 average total loans of $23.8 billion were down $89 million from the prior quarter and were down 4%, or $887 million from the same period last year. Excluding PPP, average total loans of $23.7 billion were up $72 million from the prior quarter and were down $72 million from the same period last year. With respect to fourth quarter 2021 average balances by loan category:

•Commercial and business lending (excluding PPP) increased $133 million from the prior quarter and increased $328 million compared to the same period last year to $8.8 billion.

•Commercial real estate lending decreased $26 million from the prior quarter and decreased $24 million from the same period last year to $6.1 billion.

•Consumer lending was $8.7 billion, down $35 million from the prior quarter and down $376 million from the same period last year.

•PPP loans decreased $160 million from the prior quarter and decreased $815 million from the same period last year to $115 million.

Full-year 2021 average loans of $24.1 billion were down 2%, or $480 million from 2020. With respect to full-year 2021 average balances by loan category compared to 2020:

•Commercial and business lending (excluding PPP) decreased $77 million to $8.6 billion.

•Commercial real estate lending increased $345 million to $6.2 billion.

•Consumer lending decreased $519 million to $8.8 billion.

•PPP loans decreased $229 million to $472 million.

In 2022, we expect Auto Finance loan growth of more than $1.2 billion and Total Commercial loan growth of $750 million to $1 billion.

Deposits

Fourth quarter 2021 period-end deposits of $28.5 billion were up 2%, or $615 million compared to the prior quarter and were up 7%, or $2.0 billion from the same period last year. Low-cost core deposits (interest-bearing demand, noninterest-bearing demand and savings) made up 68% of deposit balances as of December 31, 2021. With respect to fourth quarter 2021 period-end balances by deposit category:

•Noninterest-bearing demand deposits increased $334 million from the prior quarter and increased $842 million from the same period last year to $8.5 billion.

•Savings increased $132 million from the prior quarter and increased $760 million from the same period last year to $4.4 billion.

•Interest-bearing demand deposits increased $612 million from the prior quarter and increased $929 million from the same period last year to $7.0 billion.

•Money market deposits decreased $399 million from the prior quarter and decreased $138 million from the same period last year to $7.2 billion.

•Time deposits decreased $64 million from the prior quarter and decreased $410 million from the same period last year to $1.3 billion.

•Network transaction deposits (included in money market and interest-bearing deposits) decreased $162 million from the prior quarter and decreased $430 million from the same period last year to $767 million.

Fourth quarter 2021 average deposits of $28.4 billion were up 1%, or $328 million compared to the prior quarter and were up 6%, or $1.7 billion from the same period last year. With respect to fourth quarter 2021 average balances by deposit category:

•Noninterest-bearing demand deposits increased $275 million from the prior quarter and increased $740 million from the same period last year to $8.4 billion.

•Savings increased $119 million from the prior quarter and increased $739 million from the same period last year to $4.4 billion.

•Interest-bearing demand deposits increased $162 million from the prior quarter and increased $766 million from the same period last year to $6.5 billion.

•Money market deposits decreased $118 million from the prior quarter and increased $353 million from the same period last year to $6.9 billion.

•Time deposits decreased $53 million from the prior quarter and decreased $507 million from the same period last year to $1.4 billion.

•Network transaction deposits decreased $56 million from the prior quarter and decreased $427 million from the same period last year to $838 million.

Full-year 2021 average deposits of $27.7 billion were up 6%, or $1.7 billion from 2020. With respect to full-year 2021 average balances by deposit category as compared to 2020:

•Noninterest-bearing demand deposits increased $1.2 billion to $8.1 billion.

•Savings increased $832 million to $4.1 billion.

•Interest-bearing demand deposits increased $531 million to $6.1 billion.

•Money market deposits increased $431 million to $6.9 billion.

•Network transaction deposits decreased $513 million to $930 million.

•Time deposits decreased $786 million to $1.5 billion.

Net Interest Income and Net Interest Margin

Full-year 2021 net interest income of $726 million was down 5%, or $37 million from 2020. Net interest margin of

2.39% was down 14 basis points from the prior year. The decreases in net interest income and margin were driven

by continued low interest rates and significant increases in liquidity during 2021.

•The average yield on total earning assets decreased 39 basis points from the prior year to 2.62%.

•The average cost of interest-bearing liabilities decreased 32 basis points from the prior year to 0.33%.

•The net free funds benefit compressed 7 basis points from the prior year to 0.10%.

Fourth quarter 2021 net interest income of $187 million was up 2%, or $3 million from the prior quarter and the net interest margin increased 2 basis points from the prior quarter to 2.40%. Compared to the same period last year, net interest income decreased 1%, or $1 million, and the net interest margin decreased 9 basis points.

•The average yield on total earning assets for the fourth quarter of 2021 was flat to the prior quarter and decreased 21 basis points from the same period last year to 2.59%.

•The average cost of total interest-bearing liabilities for the fourth quarter of 2021 decreased 3 basis points from the prior quarter and decreased 16 basis points from the same period last year to 0.27%.

•The net free funds benefit for the fourth quarter of 2021 decreased 1 basis point from the prior quarter and decreased 4 basis points compared to the same period last year.

We expect total net interest income to exceed $800 million in 2022.

Noninterest Income

Full-year 2021 noninterest income of $332 million decreased $182 million from the prior year. The decrease was largely driven by $9 million in investment securities gains in 2020 as well as several non-routine items in 2020, including $163 million in asset gains tied to the sale of Associated Benefits and Risk Consulting (ABRC) and a $7 million gain on branch sales. The sale of ABRC in 2020 also drove a $45 million reduction in insurance revenues year-over-year. Excluding 2020 ABRC revenues and related gains, all other noninterest income increased 9%, or $27 million year-over-year. With respect to 2021 noninterest income line items:

•Service charges and deposit account fees increased $8 million from the prior year primarily driven by increased customer activity in 2021 and fee waivers implemented during 2020 in response to the pandemic.

•Net mortgage banking income increased $5 million from the prior year, driven by a recovery of $16 million in 2021 as opposed to an impairment of $18 million in 2020, partially offset by lower gains on mortgages sold of $29 million.

•Wealth management fees increased $5 million from the prior year, driven by higher market valuations.

•Card-based fees increased $4 million from the prior year, driven by increased customer activity.

Fourth quarter 2021 total noninterest income of $82 million decreased $1 million from the prior quarter and decreased $4 million from the same period last year. With respect to fourth quarter 2021 noninterest income line items:

•Capital markets fees increased $3 million from the prior quarter and increased $4 million from the same period last year.

•Mortgage Banking, net was $8 million for the fourth quarter, down $3 million from the prior quarter and down $6 million from the same period last year, driven by slowing refinance activity.

We expect total noninterest income to exceed $300 million in 2022.

Noninterest Expense

Full-year 2021 noninterest expense of $710 million decreased 9%, or $66 million from the prior year. Included in 2020 noninterest expense figures is the loss on prepayments of FHLB advances of $45 million. With respect to full year 2021 noninterest expense line items:

•Personnel costs decreased $5 million from the prior year, largely driven by reduced headcount, partially offset by increased incentive plan expenses.

•Loan and foreclosure costs decreased $4 million from the prior year, driven by lower costs associated with resolving loans.

•Business development and advertising increased $3 million from the prior year as business activity resumed in 2021.

Fourth quarter 2021 total noninterest expense of $182 million increased $4 million from the prior quarter and increased $9 million compared to the same period last year. With respect to fourth quarter 2021 noninterest expense line items:

•Personnel expense was flat to the prior quarter and increased $10 million from the same period last year, driven by higher incentive compensation, added costs tied to our strategic initiatives, and the implementation of a minimum wage increase.

•Occupancy expense increased $1 million from both the prior quarter and the same period last year.

•Other expense increased $3 million from the prior quarter and increased $2 million from the same period last year.

We expect 2022 noninterest expense to be approximately $725 million to $740 million.

Taxes

The fourth quarter 2021 tax expense was $15 million compared to $23 million of tax expense in the prior quarter and $17 million of tax expense in the same period last year. The effective tax rate for fourth quarter 2021 was 16.5% compared to an effective tax rate of 20.6% in the prior quarter and an effective tax rate of 20.1% in the same period last year. The lower effective tax rate in fourth quarter 2021 was due in part to an increase in tax-exempt interest and benefits from bank and corporate owned life insurance compared to the prior quarter and the same period last year.

We expect the annual 2022 tax rate to be between 19% to 21%, assuming no change in the corporate tax rate.

Credit

Full-year 2021 provision for credit losses was negative $88 million, compared to a provision of $174 million in the prior year.

The fourth quarter 2021 provision for credit losses was negative $6 million, compared to a negative provision of $24 million in the prior quarter and provision of $17 million in the same period last year. With respect to fourth quarter 2021 credit quality:

•Nonaccrual loans of $130 million were down $5 million, or 3%, from the prior quarter and down $80 million, or 38% from the same period last year. The nonaccrual loans to total loans ratio was 0.54% in the fourth quarter, down from 0.57% in the prior quarter and down from 0.86% in the same period last year.

•Net charge offs of $6 million were down $1 million, or 17%, from the prior quarter and down $21 million, or 76%, from the same period last year.

•The allowance for credit losses on loans (ACLL) of $320 million was down $12 million from the prior quarter and down $112 million compared to the same period last year. The ACLL to total loans ratio was 1.32% in the fourth quarter, down from 1.41% in the prior quarter and down from 1.76% in the same period last year.

In 2022, we expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 10.3%at December 31, 2021. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

FOURTH QUARTER 2021 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, January 20, 2022. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp fourth quarter 2021 earnings call. The fourth quarter 2021 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $35 billion and is Wisconsin's largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD-LOOKING STATEMENTS

Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” "target," “outlook,” "project," "guidance," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent SEC filings. Such factors are incorporated herein by reference.

NON-GAAP FINANCIAL MEASURES

This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles (“GAAP”). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

# # #

Associated Banc-Corp Consolidated Balance Sheets (Unaudited)
($ in thousands)	December 31, 2021		September 30, 2021		Seql Qtr $ Change		June 30, 2021		March 31, 2021		December 31, 2020		Comp Qtr $ Change
Assets
Cash and due from banks	$	343,831	$	378,927	$	(35,096)	$	406,994	$	356,285	$	416,154	$	(72,323)
Interest-bearing deposits in other financial institutions	681,684		1,281,916		(600,232)		1,340,385		1,590,494		298,759		382,925
Federal funds sold and securities purchased under agreements to resell	—		25,000		(25,000)		25,000		—		1,135		(1,135)
Investment securities available for sale, at fair value	4,332,015		3,893,379		438,636		3,323,346		3,356,949		3,085,441		1,246,574
Investment securities held to maturity, net, at amortized cost	2,238,947		1,929,735		309,212		1,799,834		1,857,087		1,878,938		360,009
Equity securities	18,352		17,939		413		17,144		15,673		15,106		3,246
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	168,281		168,281		—		168,281		168,281		168,280		1
Residential loans held for sale	136,638		158,202		(21,564)		160,547		153,151		129,158		7,480
Loans	24,224,949		23,621,673		603,276		23,947,536		24,162,328		24,451,724		(226,775)
Allowance for loan losses	(280,015)		(290,997)		10,982		(318,811)		(352,938)		(383,702)		103,687
Loans, net	23,944,934		23,330,676		614,258		23,628,725		23,809,389		24,068,022		(123,088)
Tax credit and other investments	293,733		301,490		(7,757)		294,220		303,701		297,232		(3,499)
Premises and equipment, net	385,173		383,131		2,042		398,050		398,671		418,914		(33,741)
Bank and corporate owned life insurance	680,021		683,610		(3,589)		682,709		680,831		679,647		374
Goodwill	1,104,992		1,104,992		—		1,104,992		1,104,992		1,109,300		(4,308)
Other intangible assets, net	58,093		60,296		(2,203)		62,498		64,701		68,254		(10,161)
Mortgage servicing rights, net	54,862		50,329		4,533		48,335		49,500		41,961		12,901
Interest receivable	80,528		79,011		1,517		81,797		86,466		90,263		(9,735)
Other assets	582,168		592,753		(10,585)		609,766		579,084		653,219		(71,051)
Total assets	$	35,104,253	$	34,439,666	$	664,587	$	34,152,625	$	34,575,255	$	33,419,783	$	1,684,470
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	8,504,077	$	8,170,105	$	333,972	$	7,999,143	$	8,496,194	$	7,661,728	$	842,349
Interest-bearing deposits	19,962,353		19,681,161		281,192		19,265,157		19,180,972		18,820,753		1,141,600
Total deposits	28,466,430		27,851,266		615,164		27,264,299		27,677,166		26,482,481		1,983,949
Federal funds purchased and securities sold under agreements to repurchase	319,532		267,943		51,589		170,419		138,507		192,971		126,561
Commercial paper	34,730		54,553		(19,823)		55,785		51,171		59,346		(24,616)
FHLB advances	1,621,047		1,620,880		167		1,619,826		1,629,966		1,632,723		(11,676)
Other long-term funding	249,324		249,160		164		549,024		549,729		549,465		(300,141)
Allowance for unfunded commitments	39,776		41,276		(1,500)		45,276		50,776		47,776		(8,000)
Accrued expenses and other liabilities	348,560		359,626		(11,066)		337,942		350,160		364,088		(15,528)
Total liabilities	31,079,399		30,444,705		634,694		30,042,573		30,447,474		29,328,850		1,750,549
Stockholders’ equity
Preferred equity	193,195		193,195		—		290,200		353,512		353,512		(160,317)
Common equity	3,831,658		3,801,766		29,892		3,819,852		3,774,268		3,737,421		94,237
Total stockholders’ equity	4,024,853		3,994,961		29,892		4,110,052		4,127,780		4,090,933		(66,080)
Total liabilities and stockholders’ equity	$	35,104,253	$	34,439,666	$	664,587	$	34,152,625	$	34,575,255	$	33,419,783	$	1,684,470

Numbers may not sum due to rounding.

1

Associated Banc-Corp Consolidated Statements of Income (Unaudited)					Comp Qtr				YTD		YTD		Comp YTD
($ in thousands, except per share data)	4Q21		4Q20		$ Change		% Change		Dec 2021		Dec 2020		$ Change		% Change
Interest income
Interest and fees on loans	$	170,809	$	185,934	$	(15,125)	(8)	%	$	693,729	$	785,241	$	(91,512)	(12)	%
Interest and dividends on investment securities
Taxable	13,317		9,746		3,571		37	%	37,916		59,806		(21,890)		(37)	%
Tax-exempt	15,569		14,296		1,273		9	%	58,710		58,320		390		1	%
Other interest	2,031		1,699		332		20	%	7,833		9,473		(1,640)		(17)	%
Total interest income	201,726		211,675		(9,949)		(5)	%	798,189		912,840		(114,651)		(13)	%
Interest expense
Interest on deposits	3,677		7,762		(4,085)		(53)	%	18,622		67,639		(49,017)		(72)	%
Interest on federal funds purchased and securities sold under agreements to repurchase	40		32		8		25	%	143		485		(342)		(71)	%
Interest on other short-term funding	2		5		(3)		(60)	%	22		51		(29)		(57)	%
Interest on PPPLF	—		410		(410)		(100)	%	—		1,984		(1,984)		(100)	%
Interest on FHLB Advances	8,514		9,888		(1,374)		(14)	%	36,493		57,359		(20,866)		(36)	%
Interest on long-term funding	2,730		5,585		(2,855)		(51)	%	17,053		22,365		(5,312)		(24)	%
Total interest expense	14,963		23,682		(8,719)		(37)	%	72,334		149,883		(77,549)		(52)	%
Net interest income	186,763		187,993		(1,230)		(1)	%	725,855		762,957		(37,102)		(5)	%
Provision for credit losses	(5,993)		16,997		(22,990)		N/M		(88,011)		174,006		(262,017)		N/M
Net interest income after provision for credit losses	192,756		170,996		21,760		13	%	813,866		588,950		224,916		38	%
Noninterest income
Wealth management fees	22,625		22,073		552		3	%	89,854		84,957		4,897		6	%
Service charges and deposit account fees	17,039		15,318		1,721		11	%	64,406		56,307		8,099		14	%
Card-based fees	11,176		9,848		1,328		13	%	43,014		38,534		4,480		12	%
Other fee-based revenue	4,316		4,998		(682)		(14)	%	17,086		19,238		(2,152)		(11)	%
Capital markets, net	9,674		5,898		3,776		64	%	30,602		27,966		2,636		9	%
Mortgage banking, net	8,041		14,537		(6,496)		(45)	%	50,751		45,580		5,171		11	%
Bank and corporate owned life insurance	4,704		3,978		726		18	%	13,254		13,771		(517)		(4)	%
Insurance commissions and fees	86		92		(6)		(7)	%	336		45,245		(44,909)		(99)	%
Asset gains (losses), net(a)	985		(1,356)		2,341		N/M		11,009		155,589		(144,580)		(93)	%
Investment securities gains (losses), net	—		—		—		N/M		(16)		9,222		(9,238)		N/M
Gains on sale of branches, net(b)	—		7,449		(7,449)		(100)	%	1,038		7,449		(6,411)		(86)	%
Other	2,855		2,879		(24)		(1)	%	11,031		10,200		831		8	%
Total noninterest income	81,502		85,714		(4,212)		(5)	%	332,364		514,056		(181,692)		(35)	%
Noninterest expense
Personnel	107,787		98,033		9,754		10	%	426,687		432,151		(5,464)		(1)	%
Technology	20,787		19,574		1,213		6	%	81,689		81,214		475		1	%
Occupancy	16,863		15,678		1,185		8	%	63,513		64,064		(551)		(1)	%
Business development and advertising	5,627		5,421		206		4	%	21,149		18,428		2,721		15	%
Equipment	4,905		5,555		(650)		(12)	%	21,104		21,705		(601)		(3)	%
Legal and professional	4,428		5,737		(1,309)		(23)	%	21,923		21,546		377		2	%
Loan and foreclosure costs	1,636		3,758		(2,122)		(56)	%	8,143		12,600		(4,457)		(35)	%
FDIC assessment	4,800		5,700		(900)		(16)	%	18,150		20,350		(2,200)		(11)	%
Other intangible amortization	2,203		2,253		(50)		(2)	%	8,844		10,192		(1,348)		(13)	%
Loss on prepayments of FHLB advances	—		—		—		N/M		—		44,650		(44,650)		(100)	%
Other	13,173		11,141		2,032		18	%	38,721		49,135		(10,414)		(21)	%
Total noninterest expense	182,210		172,850		9,360		5	%	709,924		776,034		(66,110)		(9)	%
Income before income taxes	92,048		83,860		8,188		10	%	436,307		326,972		109,335		33	%
Income tax expense	15,171		16,858		(1,687)		(10)	%	85,313		20,200		65,113		N/M
Net income	76,877		67,002		9,875		15	%	350,994		306,771		44,223		14	%
Preferred stock dividends	2,875		5,207		(2,332)		(45)	%	17,111		18,358		(1,247)		(7)	%
Net income available to common equity	$	74,002	$	61,795	$	12,207	20	%	$	333,883	$	288,413	$	45,470	16	%
Earnings per common share
Basic	$	0.49	$	0.40	$	0.09	23	%	$	2.20	$	1.87	$	0.33	18	%
Diluted	$	0.49	$	0.40	$	0.09	23	%	$	2.18	$	1.86	$	0.32	17	%
Average common shares outstanding
Basic	148,697		152,497		(3,800)		(2)	%	150,773		153,005		(2,232)		(1)	%
Diluted	150,057		153,262		(3,205)		(2)	%	151,987		153,642		(1,655)		(1)	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) YTD 2020 includes a gain of $163 million from the sale of Associated Benefits & Risk Consulting.

(b) Includes the deposit premium on the sale of branches net of miscellaneous costs to sell.

2

Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)					Seql Qtr										Comp Qtr
	4Q21		3Q21		$ Change		% Change		2Q21		1Q21		4Q20		$ Change		% Change
Interest income
Interest and fees on loans	$	170,809	$	174,643	$	(3,834)	(2)	%	$	174,228	$	174,049	$	185,934	$	(15,125)	(8)	%
Interest and dividends on investment securities
Taxable	13,317		8,745		4,572		52	%	8,840		7,014		9,746		3,571		37	%
Tax-exempt	15,569		14,613		956		7	%	14,366		14,162		14,296		1,273		9	%
Other interest	2,031		2,281		(250)		(11)	%	1,826		1,694		1,699		332		20	%
Total interest income	201,726		200,282		1,444		1	%	199,260		196,920		211,675		(9,949)		(5)	%
Interest expense
Interest on deposits	3,677		4,427		(750)		(17)	%	4,609		5,909		7,762		(4,085)		(53)	%
Interest on federal funds purchased and securities sold under agreements to repurchase	40		48		(8)		(17)	%	30		26		32		8		25	%
Interest on other short-term funding	2		8		(6)		(75)	%	7		6		5		(3)		(60)	%
Interest on PPPLF	—		—		—		N/M		—		—		410		(410)		(100)	%
Interest on FHLB Advances	8,514		8,962		(448)		(5)	%	9,524		9,493		9,888		(1,374)		(14)	%
Interest on long-term funding	2,730		3,163		(433)		(14)	%	5,575		5,585		5,585		(2,855)		(51)	%
Total interest expense	14,963		16,607		(1,644)		(10)	%	19,745		21,018		23,682		(8,719)		(37)	%
Net interest income	186,763		183,675		3,088		2	%	179,515		175,902		187,993		(1,230)		(1)	%
Provision for credit losses	(5,993)		(24,010)		18,017		(75)	%	(35,004)		(23,004)		16,997		(22,990)		N/M
Net interest income after provision for credit losses	192,756		207,685		(14,929)		(7)	%	214,519		198,906		170,996		21,760		13	%
Noninterest income
Wealth management fees	22,625		22,110		515		2	%	22,706		22,414		22,073		552		3	%
Service charges and deposit account fees	17,039		16,962		77		—	%	15,549		14,855		15,318		1,721		11	%
Card-based fees	11,176		11,113		63		1	%	10,982		9,743		9,848		1,328		13	%
Other fee-based revenue	4,316		3,929		387		10	%	4,244		4,596		4,998		(682)		(14)	%
Capital markets, net	9,674		7,114		2,560		36	%	5,696		8,118		5,898		3,776		64	%
Mortgage banking, net	8,041		10,657		(2,616)		(25)	%	8,128		23,925		14,537		(6,496)		(45)	%
Bank and corporate owned life insurance	4,704		2,760		1,944		70	%	3,088		2,702		3,978		726		18	%
Insurance commissions and fees	86		88		(2)		(2)	%	86		76		92		(6)		(7)	%
Asset gains (losses), net	985		5,228		(4,243)		(81)	%	(14)		4,809		(1,356)		2,341		N/M
Investment securities gains (losses), net	—		—		—		N/M		24		(39)		—		—		N/M
Gains on sale of branches, net(a)	—		—		—		N/M		36		1,002		7,449		(7,449)		(100)	%
Other	2,855		2,116		739		35	%	2,918		3,141		2,879		(24)		(1)	%
Total noninterest income	81,502		82,076		(574)		(1)	%	73,443		95,343		85,714		(4,212)		(5)	%
Noninterest expense
Personnel	107,787		107,880		(93)		—	%	106,994		104,026		98,033		9,754		10	%
Technology	20,787		19,927		860		4	%	20,236		20,740		19,574		1,213		6	%
Occupancy	16,863		15,814		1,049		7	%	14,679		16,156		15,678		1,185		8	%
Business development and advertising	5,627		6,156		(529)		(9)	%	4,970		4,395		5,421		206		4	%
Equipment	4,905		5,200		(295)		(6)	%	5,481		5,518		5,555		(650)		(12)	%
Legal and professional	4,428		4,304		124		3	%	6,661		6,530		5,737		(1,309)		(23)	%
Loan and foreclosure costs	1,636		1,616		20		1	%	2,671		2,220		3,758		(2,122)		(56)	%
FDIC assessment	4,800		5,000		(200)		(4)	%	3,600		4,750		5,700		(900)		(16)	%
Other intangible amortization	2,203		2,203		—		—	%	2,203		2,236		2,253		(50)		(2)	%
Other	13,173		9,793		3,380		35	%	6,979		8,775		11,141		2,032		18	%
Total noninterest expense	182,210		177,892		4,318		2	%	174,475		175,347		172,850		9,360		5	%
Income before income taxes	92,048		111,870		(19,822)		(18)	%	113,487		118,903		83,860		8,188		10	%
Income tax expense	15,171		23,060		(7,889)		(34)	%	22,480		24,602		16,858		(1,687)		(10)	%
Net income	76,877		88,809		(11,932)		(13)	%	91,007		94,301		67,002		9,875		15	%
Preferred stock dividends	2,875		4,155		(1,280)		(31)	%	4,875		5,207		5,207		(2,332)		(45)	%
Net income available to common equity	$	74,002	$	84,655	$	(10,653)	(13)	%	$	86,131	$	89,094	$	61,795	$	12,207	20	%
Earnings per common share
Basic	$	0.49	$	0.56	$	(0.07)	(13)	%	$	0.56	$	0.58	$	0.40	$	0.09	23	%
Diluted	$	0.49	$	0.56	$	(0.07)	(13)	%	$	0.56	$	0.58	$	0.40	$	0.09	23	%
Average common shares outstanding
Basic	148,697		150,046		(1,349)		(1)	%	152,042		152,355		152,497		(3,800)		(2)	%
Diluted	150,057		151,143		(1,086)		(1)	%	153,381		153,688		153,262		(3,205)		(2)	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Includes the deposit premium on the sale of branches net of miscellaneous costs to sell

3

Associated Banc-Corp Selected Quarterly Information
($ in millions except per share data; shares repurchased and outstanding in thousands)	YTD Dec 2021			YTD Dec 2020			4Q21			3Q21			2Q21			1Q21			4Q20
Per common share data
Dividends	$	0.76		$	0.72		$	0.20		$	0.20		$	0.18		$	0.18		$	0.18
Market value:
High	23.92			21.94			23.92			21.85			23.33			23.14			17.17
Low	17.20			10.85			21.49			18.56			20.36			17.20			12.68
Close							22.59			21.42			20.48			21.34			17.05
Book value							25.66			25.35			24.99			24.56			24.34
Tangible book value / share							17.87			17.58			17.35			16.95			16.67
Performance ratios (annualized)
Return on average assets	1.02		%	0.90		%	0.87		%	1.01		%	1.06		%	1.14		%	0.78		%
Noninterest expense / average assets	2.06		%	2.26		%	2.06		%	2.03		%	2.04		%	2.11		%	2.02		%
Effective tax rate	19.55		%	6.18		%	16.48		%	20.61		%	19.81		%	20.69		%	20.10		%
Dividend payout ratio(a)	34.55		%	38.50		%	40.82		%	35.71		%	32.14		%	31.03		%	45.00		%
Net interest margin	2.39		%	2.53		%	2.40		%	2.38		%	2.37		%	2.39		%	2.49		%
Selected trend information
Average full time equivalent employees(b)	4,003			4,459			3,992			4,010			3,990			4,020			4,134
Branch count							215			224			224			227			228
Assets under management, at market value(c)							$	13,679		$	13,148		$	13,141		$	12,553		$	13,314
Mortgage loans originated for sale during period	$	1,750		$	1,642		$	404		$	456		$	477		$	413		$	323
Mortgage loan settlements during period	$	1,775		$	1,960		$	427		$	463		$	484		$	400		$	339
Mortgage portfolio loans transferred to held for sale during period	$	—		$	269		$	—		$	—		$	—		$	—		$	—
Mortgage portfolio serviced for others							$	6,995		$	7,057		$	7,150		$	7,313		$	7,744
Mortgage servicing rights, net / mortgage portfolio serviced for others							0.78		%	0.71		%	0.68		%	0.68		%	0.54		%
Shares repurchased during period(d)	6,295			4,264			1,096			2,919			1,314			966			—
Shares outstanding, end of period							149,343			149,961			152,865			153,685			153,540
Paycheck Protection Program fees, net
Deferred fees, beginning of period	$	12		$	—		$	7		$	15		$	18		$	12		$	21
Fees received	18			28			—			—			6			12			—
Fees recognized	(29)			(16)			(5)			(9)			(8)			(7)			(9)
Deferred fees, end of period	$	2		$	12		$	2		$	7		$	15		$	18		$	12
Selected quarterly ratios
Loans / deposits							85.10		%	84.81		%	87.83		%	87.30		%	92.33		%
Stockholders’ equity / assets							11.47		%	11.60		%	12.03		%	11.94		%	12.24		%
Risk-based capital(e)(f)
Total risk-weighted assets							$	27,243		$	26,304		$	26,073		$	25,640		$	25,903
Common equity Tier 1							$	2,808		$	2,780		$	2,790		$	2,759		$	2,706
Common equity Tier 1 capital ratio							10.31		%	10.57		%	10.70		%	10.76		%	10.45		%
Tier 1 capital ratio							11.02		%	11.30		%	11.81		%	12.14		%	11.81		%
Total capital ratio							13.10		%	13.50		%	14.02		%	14.36		%	14.02		%
Tier 1 leverage ratio							8.83		%	8.81		%	9.23		%	9.53		%	9.37		%
Mortgage banking, net
Mortgage servicing fees, net(g)	$	—		$	(1)		$	1		$	—		$	—		$	(1)		$	(1)
Gains (losses) and fair value adjustments on loans held for sale	35			60			3			8			9			15			15
Fair value adjustment on portfolio loans transferred to held for sale	—			4			—			—			—			—			—
Mortgage servicing rights (impairment) recovery	16			(18)			4			2			—			11			1
Mortgage banking, net	$	51		$	46		$	8		$	11		$	8		$	24		$	15

N/M = Not meaningful

Numbers may not sum due to rounding.

(a)Ratio is based upon basic earnings per common share.

(b)Average full time equivalent employees without overtime.

(c)Excludes assets held in brokerage accounts.

(d)Does not include repurchases related to tax withholding on equity compensation.

(e)The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions.

(f)December 31, 2021 data is estimated.

(g)Includes mortgage origination and servicing fees, net of mortgage servicing rights amortization.

4

Associated Banc-Corp Selected Asset Quality Information
($ in thousands)	Dec 31, 2021			Sep 30, 2021			Seql Qtr % Change		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	290,997		$	318,811		(9)	%	$	352,938		$	383,702		$	384,711		(24)	%
Provision for loan losses	(4,500)			(20,000)			(78)	%	(29,500)			(26,000)			26,500			N/M
Charge offs	(8,869)			(10,929)			(19)	%	(7,681)			(13,174)			(30,315)			(71)	%
Recoveries	2,387			3,115			(23)	%	3,054			8,410			2,805			(15)	%
Net charge offs	(6,482)			(7,814)			(17)	%	(4,628)			(4,764)			(27,510)			(76)	%
Balance at end of period	$	280,015		$	290,997		(4)	%	$	318,811		$	352,938		$	383,702		(27)	%
Allowance for unfunded commitments
Balance at beginning of period	$	41,276		$	45,276		(9)	%	$	50,776		$	47,776		$	57,276		(28)	%
Provision for unfunded commitments	(1,500)			(4,000)			(63)	%	(5,500)			3,000			(9,500)			(84)	%
Balance at end of period	$	39,776		$	41,276		(4)	%	$	45,276		$	50,776		$	47,776		(17)	%
Allowance for credit losses on loans (ACLL)	$	319,791		$	332,273		(4)	%	$	364,087		$	403,714		$	431,478		(26)	%
Provision for credit losses on loans	$	(6,000)		$	(24,000)		(75)	%	$	(35,000)		$	(23,000)		$	17,000		N/M
($ in thousands)	Dec 31, 2021			Sep 30, 2021			Seql Qtr % Change		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Comp Qtr % Change
Net (charge offs) recoveries
Commercial and industrial	(6,642)			(9,057)			(27)	%	1,333			1,367			(8,514)			(22)	%
Commercial real estate—owner occupied	4			106			(96)	%	5			4			143			(97)	%
Commercial and business lending	(6,638)			(8,951)			(26)	%	1,338			1,370			(8,371)			(21)	%
Commercial real estate—investor	109			181			(40)	%	(5,589)			(5,886)			(18,696)			N/M
Real estate construction	52			18			189	%	23			29			43			21	%
Commercial real estate lending	162			199			(19)	%	(5,566)			(5,857)			(18,653)			N/M
Total commercial	(6,476)			(8,752)			(26)	%	(4,228)			(4,487)			(27,024)			(76)	%
Residential mortgage	(6)			300			N/M		(223)			(109)			(162)			(96)	%
Home equity	546			959			(43)	%	337			344			335			63	%
Other consumer	(534)			(329)			62	%	(517)			(521)			(668)			(20)	%
Auto finance	(11)			8			N/M		3			9			9			N/M
Total consumer	(6)			938			N/M		(400)			(277)			(486)			(99)	%
Total net (charge offs) recoveries	$	(6,482)		$	(7,814)		(17)	%	$	(4,628)		$	(4,764)		$	(27,510)		(76)	%
(In basis points)	Dec 31, 2021			Sep 30, 2021					Jun 30, 2021			Mar 31, 2021			Dec 31, 2020
Net charge offs to average loans (annualized)
Commercial and industrial	(33)			(46)					7			7			(45)
Commercial real estate—owner occupied	—			5					—			—			6
Commercial and business lending	(29)			(40)					6			6			(35)
Commercial real estate—investor	1			2					(52)			(55)			(173)
Real estate construction	1			—					1			1			1
Commercial real estate lending	1			1					(36)			(38)			(121)
Total commercial	(17)			(23)					(11)			(12)			(69)
Residential mortgage	—			2					(1)			(1)			(1)
Home equity	36			61					21			21			18
Other consumer	(71)			(44)					(72)			(72)			(88)
Auto finance	(9)			43					15			37			29
Total consumer	—			4					(2)			(1)			(2)
Total net charge offs	(11)			(13)					(8)			(8)			(44)
($ in thousands)	Dec 31, 2021			Sep 30, 2021			Seql Qtr % Change		Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Comp Qtr % Change
Credit Quality
Nonaccrual loans	$	130,443		$	135,062		(3)	%	$	147,135		$	163,292		$	210,854		(38)	%
Other real estate owned (OREO)	29,619			33,855			(13)	%	24,000			24,588			14,269			108	%
Total nonperforming assets	$	160,062		$	168,917		(5)	%	$	171,135		$	187,880		$	225,123		(29)	%
Loans 90 or more days past due and still accruing	$	1,263		$	1,029		23	%	$	1,302		$	1,675		$	1,598		(21)	%
Allowance for credit losses on loans to total loans	1.32		%	1.41		%			1.52		%	1.67		%	1.76		%
Allowance for credit losses on loans to nonaccrual loans	245.16		%	246.02		%			247.45		%	247.23		%	204.63		%
Nonaccrual loans to total loans	0.54		%	0.57		%			0.61		%	0.68		%	0.86		%
Nonperforming assets to total loans plus OREO	0.66		%	0.71		%			0.71		%	0.78		%	0.92		%
Nonperforming assets to total assets	0.46		%	0.49		%			0.50		%	0.54		%	0.67		%
Year-to-date net charge offs to year-to-date average loans (annualized)	0.10		%	0.10		%			0.08		%	0.08		%	0.41		%

N/M = Not meaningful

5

Associated Banc-Corp Selected Asset Quality Information (continued)
(In thousands)	Dec 31, 2021		Sep 30, 2021		Seql Qtr % Change		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Comp Qtr % Change
Nonaccrual loans
PPP Loans	$	46	$	—	N/M		$	—	$	—	$	—	N/M
Commercial and industrial	6,233		8,497		(27)	%	18,380		33,192		61,859		(90)	%
Commercial real estate—owner occupied	—		7		(100)	%	7		7		1,058		(100)	%
Commercial and business lending	6,279		8,504		(26)	%	18,387		33,200		62,917		(90)	%
Commercial real estate—investor	60,677		61,504		(1)	%	63,003		58,485		78,220		(22)	%
Real estate construction	177		247		(28)	%	247		327		353		(50)	%
Commercial real estate lending	60,855		61,751		(1)	%	63,250		58,813		78,573		(23)	%
Total commercial	67,134		70,256		(4)	%	81,637		92,012		141,490		(53)	%
Residential mortgage	55,362		56,678		(2)	%	56,795		61,256		59,337		(7)	%
Home equity	7,726		7,838		(1)	%	8,517		9,792		9,888		(22)	%
Other consumer	170		222		(23)	%	131		195		91		87	%
Auto	52		67		(22)	%	56		36		49		6	%
Total consumer	63,309		64,806		(2)	%	65,498		71,280		69,364		(9)	%
Total nonaccrual loans	$	130,443	$	135,062	(3)	%	$	147,135	$	163,292	$	210,854	(38)	%
	Dec 31, 2021		Sep 30, 2021		Seql Qtr % Change		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Comp Qtr % Change
Restructured loans (accruing)(a)
Commercial and industrial	$	8,687	$	11,067	(22)	%	$	11,569	$	11,985	$	12,713	(32)	%
Commercial real estate—owner occupied	967		1,031		(6)	%	1,225		1,488		1,711		(43)	%
Commercial and business lending	9,655		12,098		(20)	%	12,794		13,473		14,424		(33)	%
Commercial real estate—investor	12,866		13,236		(3)	%	13,306		13,627		26,435		(51)	%
Real estate construction	242		248		(2)	%	253		256		260		(7)	%
Commercial real estate lending	13,108		13,484		(3)	%	13,559		13,884		26,695		(51)	%
Total commercial	22,763		25,582		(11)	%	26,353		27,356		41,119		(45)	%
Residential mortgage	16,316		15,253		7	%	12,227		10,462		7,825		109	%
Home equity	2,648		2,787		(5)	%	2,451		1,929		1,957		35	%
Other consumer	803		877		(8)	%	904		1,073		1,191		(33)	%
Total consumer	19,768		18,917		4	%	15,582		13,464		10,973		80	%
Total restructured loans (accruing)	$	42,530	$	44,499	(4)	%	$	41,935	$	40,820	$	52,092	(18)	%
Nonaccrual restructured loans (included in nonaccrual loans)	$	17,426	$	15,226	14	%	$	17,237	$	17,624	$	20,190	(14)	%
	Dec 31, 2021		Sep 30, 2021		Seql Qtr % Change		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Comp Qtr % Change
Accruing Loans 30-89 Days Past Due
PPP Loans	$	83	$	568	(85)	%	$	—	$	—	$	—	N/M
Commercial and industrial	632		1,229		(49)	%	258		526		6,119		(90)	%
Commercial real estate—owner occupied	163		30		N/M		47		—		373		(56)	%
Commercial and business lending	878		1,827		(52)	%	306		526		6,492		(86)	%
Commercial real estate—investor	616		17,021		(96)	%	391		5,999		12,793		(95)	%
Real estate construction	1,620		—		N/M		117		977		991		63	%
Commercial real estate lending	2,236		17,021		(87)	%	509		6,976		13,784		(84)	%
Total commercial	3,114		18,848		(83)	%	814		7,502		20,276		(85)	%
Residential mortgage	6,169		7,095		(13)	%	5,015		3,973		10,385		(41)	%
Home equity	3,711		2,931		27	%	2,472		2,352		4,802		(23)	%
Other consumer	2,307		1,272		81	%	1,036		1,246		1,543		50	%
Auto	11		10		10	%	38		24		57		(81)	%
Total consumer	12,198		11,308		8	%	8,562		7,594		16,786		(27)	%
Total accruing loans 30-89 days past due	$	15,312	$	30,156	(49)	%	$	9,376	$	15,097	$	37,062	(59)	%
	Dec 31, 2021		Sep 30, 2021		Seql Qtr % Change		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Comp Qtr % Change
Potential Problem Loans
PPP Loans(b)	$	2,000	$	4,160	(52)	%	$	8,695	$	22,398	$	18,002	(89)	%
Commercial and industrial	138,258		124,990		11	%	77,064		122,143		121,487		14	%
Commercial real estate—owner occupied	26,723		21,241		26	%	17,828		15,965		26,179		2	%
Commercial and business lending	166,981		150,391		11	%	103,587		160,506		165,668		1	%
Commercial real estate—investor	106,138		78,962		34	%	71,613		85,752		91,396		16	%
Real estate construction	21,408		19,187		12	%	16,465		13,977		19,046		12	%
Commercial real estate lending	127,546		98,150		30	%	88,078		99,728		110,442		15	%
Total commercial	294,527		248,541		19	%	191,665		260,234		276,111		7	%
Residential mortgage	2,214		2,374		(7)	%	3,024		2,524		3,749		(41)	%
Home equity	165		171		(4)	%	1,558		1,729		2,068		(92)	%
Total consumer	2,379		2,546		(7)	%	4,583		4,254		5,817		(59)	%
Total potential problem loans	$	296,905	$	251,087	18	%	$	196,248	$	264,488	$	281,928	5	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Does not include any restructured loans related to the COVID-19 pandemic in accordance with Section 4013 of the CARES Act.

(b) The Corporation's policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans.

6

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	December 31, 2021						September 30, 2021						December 31, 2020
($ in thousands)	Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate
Assets
Earning assets
Loans (a) (b) (c)
Commercial PPP lending	$	115,074	$	5,055	17.43	%	$	275,414	$	9,633	13.88	%	$	929,859	$	10,854	4.64	%
Asset-based lending (ABL)	125,507		971		3.07	%	99,463		766		3.06	%	126,202		960		3.03	%
Commercial and business lending (excl PPP & ABL)	8,715,796		53,401		2.43	%	8,609,196		53,333		2.46	%	8,387,548		56,514		2.68	%
Commercial real estate lending	6,134,049		45,040		2.91	%	6,160,241		44,859		2.89	%	6,157,622		44,636		2.88	%
Total commercial	15,090,427		104,468		2.75	%	15,144,314		108,591		2.85	%	15,601,230		112,963		2.88	%
Residential mortgage	7,751,337		54,952		2.84	%	7,817,737		55,305		2.83	%	8,029,585		60,292		3.00	%
Total Retail	953,489		11,775		4.92	%	921,906		11,120		4.81	%	1,051,022		13,035		4.95	%
Total loans	23,795,253		171,195		2.86	%	23,883,957		175,016		2.92	%	24,681,837		186,290		3.01	%
Investment securities
Taxable	4,067,612		13,317		1.31	%	3,258,587		8,745		1.07	%	3,155,508		9,746		1.24	%
Tax-exempt(a)	2,257,106		19,617		3.48	%	2,029,126		18,412		3.63	%	1,909,512		17,870		3.74	%
Other short-term investments	1,592,840		2,031		0.51	%	2,215,805		2,281		0.41	%	985,091		1,699		0.69	%
Investments and other	7,917,558		34,965		1.76	%	7,503,518		29,439		1.57	%	6,050,111		29,315		1.94	%
Total earning assets	31,712,810		$	206,160	2.59	%	31,387,475		$	204,455	2.59	%	30,731,948		$	215,605	2.80	%
Other assets, net	3,303,349						3,372,013						3,343,844
Total assets	$	35,016,159					$	34,759,489					$	34,075,792
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,367,233	$	369	0.03	%	$	4,248,493	$	377	0.04	%	$	3,628,458	$	356	0.04	%
Interest-bearing demand	6,506,438		1,015		0.06	%	6,344,504		1,361		0.09	%	5,739,983		1,215		0.08	%
Money market	6,892,803		927		0.05	%	7,011,075		1,019		0.06	%	6,539,583		1,121		0.07	%
Network transaction deposits	838,255		239		0.11	%	893,991		290		0.13	%	1,265,748		468		0.15	%
Time deposits	1,381,092		1,127		0.32	%	1,434,588		1,379		0.38	%	1,888,074		4,602		0.97	%
Total interest-bearing deposits	19,985,821		3,677		0.07	%	19,932,650		4,427		0.09	%	19,061,847		7,762		0.16	%
Federal funds purchased and securities sold under agreements to repurchase	293,948		40		0.05	%	238,735		48		0.08	%	164,091		32		0.08	%
Commercial Paper	44,250		2		0.01	%	55,864		8		0.05	%	40,128		5		0.05	%
PPPLF	—		—		—	%	—		—		—	%	464,119		410		0.35	%
FHLB advances	1,621,097		8,514		2.08	%	1,620,790		8,962		2.19	%	1,660,274		9,888		2.37	%
Long-term funding	249,223		2,730		4.38	%	288,236		3,163		4.39	%	549,307		5,585		4.07	%
Total short and long-term funding	2,208,518		11,286		2.03	%	2,203,625		12,180		2.20	%	2,877,919		15,920		2.20	%
Total interest-bearing liabilities	22,194,339		$	14,963	0.27	%	22,136,276		$	16,607	0.30	%	21,939,766		$	23,682	0.43	%
Noninterest-bearing demand deposits	8,416,525						8,141,723						7,677,003
Other liabilities	401,433						401,077						405,430
Stockholders’ equity	4,003,863						4,080,413						4,053,593
Total liabilities and stockholders’ equity	$	35,016,159					$	34,759,489					$	34,075,792
Interest rate spread					2.32	%					2.29	%					2.37	%
Net free funds					0.08	%					0.09	%					0.12	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	191,197	2.40	%			$	187,848	2.38	%			$	191,923	2.49	%
Fully tax-equivalent adjustment			4,434						4,172						3,930
Net interest income			$	186,763					$	183,675					$	187,993

Numbers may not sum due to rounding.

(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

(b)Nonaccrual loans and loans held for sale have been included in the average balances.

(c)Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.

7

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
	Year Ended December 31,
	2021						2020
($ in thousands)	Average Balance		Interest Income /Expense		Average Yield / Rate		Average Balance		Interest Income /Expense		Average Yield / Rate
Assets
Earning assets
Loans (a) (b) (c)
Commercial PPP lending	$	472,216	$	33,637	7.12	%	$	701,111	$	21,867	3.12	%
Asset-based lending (ABL)	120,903		3,704		3.06	%	177,710		6,039		3.40	%
Commercial and business lending (excl PPP & ABL)	8,511,364		212,744		2.50	%	8,531,333		252,699		2.96	%
Commercial real estate lending	6,156,214		178,354		2.90	%	5,811,498		192,545		3.31	%
Total commercial	15,260,697		428,439		2.81	%	15,221,651		473,150		3.11	%
Residential mortgage	7,847,564		221,099		2.82	%	8,190,190		254,814		3.11	%
Total retail	949,719		45,723		4.81	%	1,125,806		58,655		5.21	%
Total loans	24,057,980		695,260		2.89	%	24,537,648		786,619		3.21	%
Investment securities
Taxable	3,383,528		37,916		1.12	%	3,295,718		59,806		1.81	%
Tax-exempt (a)	2,036,030		73,975		3.63	%	1,930,853		72,901		3.78	%
Other short-term investments	1,644,995		7,833		0.48	%	1,067,788		9,473		0.89	%
Investments and other	7,064,552		119,724		1.69	%	6,294,359		142,179		2.26	%
Total earning assets	31,122,532		$	814,984	2.62	%	30,832,007		$	928,799	3.01	%
Other assets, net	3,341,725						3,433,200
Total assets	$	34,464,257					$	34,265,207
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	4,138,732		1,435		0.03	%	$	3,306,385	$	2,966	0.09	%
Interest-bearing demand	6,113,660		4,610		0.08	%	5,583,144		12,496		0.22	%
Money market	6,940,513		4,028		0.06	%	6,509,924		15,273		0.23	%
Network transaction deposits	929,544		1,120		0.12	%	1,442,951		6,219		0.43	%
Time deposits	1,495,060		7,429		0.50	%	2,281,040		30,685		1.35	%
Total interest-bearing deposits	19,617,508		18,622		0.09	%	19,123,444		67,639		0.35	%
Federal funds purchased and securities sold under agreements to repurchase	207,132		143		0.07	%	175,713		485		0.28	%
Commercial Paper	49,546		22		0.04	%	38,583		41		0.11	%
PPPLF	—		—		—	%	565,371		1,984		0.35	%
Other short-term funding	—		—		—	%	4,226		11		0.25	%
FHLB advances	1,623,508		36,493		2.25	%	2,535,731		57,359		2.26	%
Long-term funding	407,912		17,053		4.18	%	549,143		22,365		4.07	%
Total short and long-term funding	2,288,098		53,712		2.35	%	3,868,767		82,245		2.13	%
Total interest-bearing liabilities	21,905,605		$	72,334	0.33	%	22,992,211		$	149,883	0.65	%
Noninterest-bearing demand deposits	8,075,906						6,884,241
Other liabilities	403,296						444,183
Stockholders’ equity	4,079,449						3,944,572
Total liabilities and stockholders’ equity	$	34,464,257					$	34,265,207
Interest rate spread					2.29	%					2.36	%
Net free funds					0.10	%					0.17	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	742,650	2.39	%			$	778,915	2.53	%
Fully tax-equivalent adjustment			16,796						15,959
Net interest income			$	725,855					$	762,957

Numbers may not sum due to rounding.

(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

(b)Nonaccrual loans and loans held for sale have been included in the average balances.

(c)Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.

8

Associated Banc-Corp Loan and Deposit Composition
($ in thousands)
Period end loan composition	Dec 31, 2021		Sep 30, 2021		Seql Qtr % Change		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Comp Qtr % Change
PPP Loans	$	66,070	$	182,121	(64)	%	$	405,482	$	836,566	$	767,757	(91)	%
Asset-based lending	178,027		111,027		60	%	105,726		137,537		137,476		29	%
Commercial and industrial	8,208,289		7,816,432		5	%	7,803,393		7,526,964		7,563,945		9	%
Commercial real estate—owner occupied	971,326		879,554		10	%	880,755		883,237		900,912		8	%
Commercial and business lending	9,423,711		8,989,133		5	%	9,195,355		9,384,303		9,370,091		1	%
Commercial real estate—investor	4,384,569		4,296,489		2	%	4,300,651		4,260,706		4,342,584		1	%
Real estate construction	1,808,976		1,834,871		(1)	%	1,880,897		1,882,299		1,840,417		(2)	%
Commercial real estate lending	6,193,545		6,131,360		1	%	6,181,549		6,143,004		6,183,001		—	%
Total commercial	15,617,256		15,120,493		3	%	15,376,904		15,527,307		15,553,091		—	%
Residential mortgage	7,567,310		7,590,895		—	%	7,638,372		7,685,218		7,878,324		(4)	%
Home equity	595,615		608,566		(2)	%	631,783		651,647		707,255		(16)	%
Other consumer	301,723		294,979		2	%	292,660		288,990		301,876		—	%
Auto finance	143,045		6,739		N/M		7,817		9,165		11,177		N/M
Total consumer	8,607,693		8,501,180		1	%	8,570,632		8,635,020		8,898,632		(3)	%
Total loans	$	24,224,949	$	23,621,673	3	%	$	23,947,536	$	24,162,328	$	24,451,724	(1)	%
Period end deposit and customer funding composition	Dec 31, 2021		Sep 30, 2021		Seql Qtr % Change		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Comp Qtr % Change
Noninterest-bearing demand	$	8,504,077	$	8,170,105	4	%	$	7,999,143	$	8,496,194	$	7,661,728	11	%
Savings	4,410,198		4,278,453		3	%	4,182,651		4,032,830		3,650,085		21	%
Interest-bearing demand	7,019,782		6,407,844		10	%	5,969,285		5,748,353		6,090,869		15	%
Money market	7,185,111		7,583,978		(5)	%	7,640,825		7,838,437		7,322,769		(2)	%
Time deposits	1,347,262		1,410,886		(5)	%	1,472,395		1,561,352		1,757,030		(23)	%
Total deposits	28,466,430		27,851,266		2	%	27,264,299		27,677,166		26,482,481		7	%
Customer funding(a)	354,142		322,081		10	%	226,160		182,228		245,247		44	%
Total deposits and customer funding	$	28,820,572	$	28,173,348	2	%	$	27,490,459	$	27,859,394	$	26,727,727	8	%
Network transaction deposits(b)	$	766,965	$	929,174	(17)	%	$	871,603	$	1,054,634	$	1,197,093	(36)	%
Net deposits and customer funding (Total deposits and customer funding, excluding network transaction deposits)	$	28,053,607	$	27,244,174	3	%	$	26,618,856	$	26,804,761	$	25,530,634	10	%
Quarter average loan composition	Dec 31, 2021		Sep 30, 2021		Seql Qtr % Change		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Comp Qtr % Change
PPP Loans	$	115,074	$	275,414	(58)	%	$	701,440	$	806,699	$	929,859	(88)	%
Asset-based lending	125,507		99,463		26	%	121,153		137,862		126,202		(1)	%
Commercial and industrial	7,816,260		7,733,148		1	%	7,437,726		7,493,413		7,482,983		4	%
Commercial real estate—owner occupied	899,536		876,047		3	%	878,746		906,027		904,565		(1)	%
Commercial and business lending	8,956,378		8,984,072		—	%	9,139,064		9,344,000		9,443,609		(5)	%
Commercial real estate—investor	4,304,579		4,297,783		—	%	4,321,109		4,303,365		4,289,703		—	%
Real estate construction	1,829,470		1,862,458		(2)	%	1,838,619		1,867,836		1,867,919		(2)	%
Commercial real estate lending	6,134,049		6,160,241		—	%	6,159,728		6,171,202		6,157,622		—	%
Total commercial	15,090,427		15,144,314		—	%	15,298,792		15,515,202		15,601,230		(3)	%
Residential mortgage	7,751,337		7,817,737		(1)	%	7,861,139		7,962,691		8,029,585		(3)	%
Home equity	600,963		620,601		(3)	%	641,438		680,738		736,059		(18)	%
Other consumer	299,406		294,160		2	%	288,786		294,528		302,995		(1)	%
Auto finance	53,120		7,144		N/M		8,458		10,190		11,968		N/M
Total consumer	8,704,826		8,739,643		—	%	8,799,822		8,948,147		9,080,607		(4)	%
Total loans(c)	$	23,795,253	$	23,883,957	—	%	$	24,098,614	$	24,463,349	$	24,681,837	(4)	%
Quarter average deposit composition	Dec 31, 2021		Sep 30, 2021		Seql Qtr % Change		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Comp Qtr % Change
Noninterest-bearing demand	$	8,416,525	$	8,141,723	3	%	$	8,069,851	$	7,666,561	$	7,677,003	10	%
Savings	4,367,233		4,248,493		3	%	4,121,553		3,810,321		3,628,458		20	%
Interest-bearing demand	6,506,438		6,344,504		3	%	5,879,173		5,713,270		5,739,983		13	%
Money market	6,892,803		7,011,075		(2)	%	6,981,482		6,875,730		6,539,583		5	%
Network transaction deposits	838,255		893,991		(6)	%	908,869		1,080,109		1,265,748		(34)	%
Time deposits	1,381,092		1,434,588		(4)	%	1,509,705		1,658,568		1,888,074		(27)	%
Total deposits	$	28,402,345	$	28,074,374	1	%	$	27,470,633	$	26,804,559	$	26,738,850	6	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a)Includes repurchase agreements and commercial paper.

(b)Included above in interest-bearing demand and money market.

(c)Nonaccrual loans and loans held for sale have been included in the average balances.

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Associated Banc-Corp Non-GAAP Financial Measures Reconciliation	YTD			YTD
($ in millions, except per share data)	Dec 2021			Dec 2020			4Q21			3Q21			2Q21			1Q21			4Q20
Tangible common equity reconciliation(a)
Common equity							$	3,832		$	3,802		$	3,820		$	3,774		$	3,737
Goodwill and other intangible assets, net							(1,163)			(1,165)			(1,167)			(1,170)			(1,178)
Tangible common equity							$	2,669		$	2,636		$	2,652		$	2,605		$	2,560
Tangible assets reconciliation(a)
Total assets							$	35,104		$	34,440		$	34,153		$	34,575		$	33,420
Goodwill and other intangible assets, net							(1,163)			(1,165)			(1,167)			(1,170)			(1,178)
Tangible assets							$	33,941		$	33,274		$	32,985		$	33,406		$	32,242
Average tangible common equity and average common equity tier 1 reconciliation(a)
Common equity	$	3,789		$	3,633		$	3,811		$	3,807		$	3,788		$	3,750		$	3,700
Goodwill and other intangible assets, net	(1,169)			(1,228)			(1,164)			(1,167)			(1,169)			(1,175)			(1,178)
Tangible common equity	2,621			2,406			2,646			2,640			2,619			2,576			2,522
Modified CECL transitional amount	102			115			91			97			106			116			123
Accumulated other comprehensive loss (income)	1			3			19			(5)			(3)			(5)			(4)
Deferred tax assets (liabilities), net	40			44			40			40			40			41			42
Average common equity tier 1	$	2,764		$	2,567		$	2,795		$	2,772		$	2,762		$	2,727		$	2,683
Average tangible assets reconciliation(a)
Total assets	$	34,464		$	34,265		$	35,016		$	34,759		$	34,380		$	33,684		$	34,076
Goodwill and other intangible assets, net	(1,169)			(1,228)			(1,164)			(1,167)			(1,169)			(1,175)			(1,178)
Tangible assets	$	33,296		$	33,038		$	33,852		$	33,593		$	33,211		$	32,510		$	32,898
Selected trend information(b)
Wealth management fees	$	90		$	85		$	23		$	22		$	23		$	22		$	22
Service charges and deposit account fees	64			56			17			17			16			15			15
Card-based fees	43			39			11			11			11			10			10
Other fee-based revenue	17			19			4			4			4			5			5
Fee-based revenue	214			199			55			54			53			52			52
Gain on sale of ABRC	—			163			—			—			—			—			—
Insurance commissions and fees(c)	—			45			—			—			—			—			—
Other	118			106			26			28			20			44			33
Total noninterest income	$	332		$	514		$	82		$	82		$	73		$	95		$	86
Pre-tax pre-provision income(d)
Income before income taxes	$	436		$	327		$	92		$	112		$	113		$	119		$	84
Provision for credit losses	(88)			174			(6)			(24)			(35)			(23)			17
Pre-tax pre-provision income	$	348		$	501		$	86		$	88		$	78		$	96		$	101
Selected equity and performance ratios(a)(e)
Tangible common equity / tangible assets							7.86		%	7.92		%	8.04		%	7.80		%	7.94		%
Return on average equity	8.60		%	7.78		%	7.62		%	8.63		%	8.84		%	9.32		%	6.58		%
Return on average tangible common equity	12.74		%	11.99		%	11.09		%	12.72		%	13.19		%	14.03		%	9.75		%
Return on average common equity Tier 1	12.08		%	11.23		%	10.50		%	12.11		%	12.51		%	13.25		%	9.16		%
Return on average tangible assets	1.05		%	0.93		%	0.90		%	1.05		%	1.10		%	1.18		%	0.81		%
Average stockholders' equity / average assets	11.84		%	11.51		%	11.43		%	11.74		%	12.01		%	12.18		%	11.90		%
Efficiency ratio reconciliation(f)
Federal Reserve efficiency ratio	66.33		%	61.76		%	67.36		%	65.43		%	66.81		%	65.74		%	59.68		%
Fully tax-equivalent adjustment	(1.04)		%	(0.77)		%	(1.10)		%	(1.01)		%	(1.07)		%	(0.97)		%	(0.84)		%
Other intangible amortization	(0.84)		%	(0.80)		%	(0.82)		%	(0.83)		%	(0.87)		%	(0.82)		%	(0.82)		%
Fully tax-equivalent efficiency ratio	64.47		%	60.20		%	65.46		%	63.61		%	64.88		%	63.96		%	58.02		%
Provision for unfunded commitments adjustment	0.74		%	(0.55)		%	0.55		%	1.48		%	2.14		%	(1.09)		%	3.42		%
Asset gains (losses), net adjustment	0.67		%	8.20		%	0.24		%	1.29		%	—		%	1.12		%	(0.30)		%
Acquisitions, branch sales, and initiatives	(0.53)		%	(5.08)		%	(1.43)		%	(0.91)		%	0.01		%	0.22		%	1.68		%
Adjusted efficiency ratio	65.36		%	62.76		%	64.82		%	65.46		%	67.02		%	64.21		%	62.83		%

Numbers may not sum due to rounding.

(a)The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength.

(b)These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations.

(c)The sale of ABRC in June 2020, largely eliminated insurance commissions and fees revenue.

(d)Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings and provide greater understanding of ongoing operations and enhanced comparability of results with prior periods.

(e)These capital measurements are used by management, regulators, investors, and analysts to assess, monitor and compare the quality and composition of our capital with the capital of other financial services companies.

(f)The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains / losses, net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains / losses, net. The adjusted efficiency ratio is noninterest expense, which excludes the provision for unfunded commitments, other intangible amortization, acquisition related costs, and announced initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net, asset gains (losses), net, and gain on sale of branches, net. Management believes the adjusted efficiency ratio is a meaningful measure as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and provides a better measure as to how the Corporation is managing its expenses by adjusting for acquisition related costs, provision for unfunded commitments, asset gains (losses), net, branch sales, and announced initiatives.

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